Common use of Transferability of Options Clause in Contracts

Transferability of Options. Except as otherwise provided in this Section, the options shall not be sold, pledged, assigned, or transferred in any way, nor be assignable by operation of law or be subject to execution, levy, attachment or similar process. Except as provided in this Section, any attempted sale, pledge, assignment or other transfer contrary to the terms hereof, and any execution, levy, attachment or similar process, shall be null and void and without any effect. Notwithstanding the foregoing, the options shall, subject to the conditions set forth in this Section, be transferable by the Optionee by gift or other transfer that involves no payment of consideration to the Optionee to the Optionee's spouse and/or the descendents or to a trust created primarily for the benefit of the Optionee, the Optionee's spouse and/or the Optionee's descendents ("Authorized Transferee"). An Authorized Transferee shall have no right to transfer the options. An Authorized Transferee shall succeed to all rights and benefits (except the right to further transfer the options) and be subject to all obligations, conditions and limitations of the Optionee. However, such rights and benefits (except the rights to further transfer the options) and obligations, conditions and limitations shall be determined as if the Optionee continued to hold the options, and the provisions of this Option Agreement dealing with termination of Service, Retirement, disability and death of an Optionee continue to refer to the Optionee regardless of whether the options are or are not transferred to an Authorized Transferee. In order to transfer options, the Optionee must first give prior written notice to the Company stating the name, address and tax identification or social security number of the proposed transferee and the relationship of the proposed transferee to the Optionee. The option may not be transferred if the transfer would constitute a violation of any applicable federal or state securities or other law or regulation.

Transferability of Options. Except as otherwise provided in this Section, the options shall not be sold, pledged, assigned, or transferred in any way, nor be assignable by operation of law or be subject to execution, levy, attachment or similar process. Except as provided in this Section, any attempted sale, pledge, assignment or other transfer contrary to the terms hereof, and any execution, levy, attachment or similar process, shall be null and void and without any effect. Notwithstanding the foregoing, the options shall, subject to the conditions set forth in this Section, be transferable by the Optionee by gift or other transfer that involves no payment of consideration to the Optionee to the Optionee's ’s spouse and/or the descendents or to a trust created primarily for the benefit of the Optionee, the Optionee's ’s spouse and/or the Optionee's ’s descendents ("“Authorized Transferee"”). An Authorized Transferee shall have no right to transfer the options. An Authorized Transferee shall succeed to all rights and benefits (except the right to further transfer the options) and be subject to all obligations, conditions and limitations of the Optionee. However, such rights and benefits (except the rights to further transfer the options) and obligations, conditions and limitations shall be determined as if the Optionee continued to hold the options, and the provisions of this Option Agreement dealing with termination of Service, Retirement, disability and death of an Optionee continue to refer to the Optionee regardless of whether the options are or are not transferred to an Authorized Transferee. In order to transfer options, the Optionee must first give prior written notice to the Company stating the name, address and tax identification or social security number of the proposed transferee and the relationship of the proposed transferee to the Optionee. The option may not be transferred if the transfer would constitute a violation of any applicable federal or state securities or other law or regulation.

Transferability of Options. Except as otherwise provided in this Section, the options shall not be sold, pledged, assigned, or transferred in any way, nor be assignable by operation of law or be subject to execution, levy, attachment or similar process. Except as provided in this Section, any attempted sale, pledge, assignment or other transfer contrary to the terms hereof, and any execution, levy, attachment or similar process, shall be null and void and without any effect. Notwithstanding the foregoing, the options shall, subject to the conditions set forth in this Section, be transferable by the Optionee by gift or other transfer that involves no payment of consideration to the Optionee to the Optionee's spouse and/or the descendents or to a trust created primarily for the benefit of the Optionee, the Optionee's spouse and/or the Optionee's descendents ("Authorized Transferee"). An Authorized Transferee shall have no right to transfer the options. An Authorized Transferee shall succeed to all rights and benefits (except the right to further transfer the options) and be subject to all obligations, conditions and limitations of the Optionee. However, such rights and benefits (except the rights to further transfer the options) and obligations, conditions and limitations shall be determined as if the Optionee continued to hold the options, and the provisions of this Option Agreement dealing with termination of Servicethe Employment Agreement, Retirement, disability and death of an Optionee continue to refer to the Optionee regardless of whether the options are or are not transferred to an Authorized Transferee. In order to transfer options, the Optionee must first give prior written notice to the Company stating the name, address and tax identification or social security number of the proposed transferee and the relationship of the proposed transferee to the Optionee. The option may not be transferred if the transfer would constitute a violation of any applicable federal or state securities or other law or regulation.

Transferability of Options. Except as otherwise provided in this Section, the options shall not be sold, pledged, assigned, or transferred in any way, nor be assignable by operation of law or be subject to execution, levy, attachment or similar process. Except as provided in this Section, any attempted sale, pledge, assignment or other transfer contrary to the terms hereof, and any execution, levy, attachment or similar process, shall be null and void and without any effect. Notwithstanding the foregoing, the options shall, subject to the conditions set forth in this Section, be transferable by the Optionee by gift or other transfer that involves no payment of consideration to the Optionee to the Optionee's spouse and/or the descendents or to a trust created primarily for the benefit of the Optionee, the Optionee's spouse and/or the Optionee's descendents ("Authorized Transferee"). An Authorized Transferee shall have no right to transfer the options. An Authorized Transferee shall succeed to all rights and benefits (except the right to further transfer the optionsOption) and be subject to all obligations, conditions and limitations of the Optionee. However, such rights and benefits (except the rights to further transfer the options) and obligations, conditions and limitations shall be determined as if the Optionee continued to hold the options, and the provisions of this Option Agreement dealing with termination of Servicethe Employment Agreement, Retirement, disability and death of an Optionee continue to refer to the Optionee regardless of whether the options are or are not transferred to an Authorized Transferee. In order to transfer options, the Optionee must first give prior written notice to the Company stating the name, address and tax identification or social security number of the proposed transferee and the relationship of the proposed transferee to the Optionee. The option may not be transferred if the transfer would constitute a violation of any applicable federal or state securities or other law or regulation.